BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Indian markets are scaling new highs primarily driven by swift economic recovery post abating of second Covid-19 wave and increasing pace of vaccination domestically.
Corporate earnings were also resilient in Q1 FY22 (April-June 2021).
At the Nifty index level, excluding financials, net sales decline was limited to 7.5% on a QoQ basis with profit after tax decline at 14.5% QoQ.
The management commentary, however, was optimistic and hopeful of a strong rebound in rest of the year (FY22E).
Other macro-economic indicators in terms of goods and services tax collection, e-way bill generation, peak power demand also point to better-than-anticipated economic rebound.
With growth capex on the anvil both by the public as well as private enterprises, we expect a broad based economic recovery, going forward.
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